Vericel (VCEL) FY2024 results: revenue $237 million, up 20.1% on the year

Vericel Corp. (VCEL) reported revenue of $237 million for fiscal 2024, the year ended 31 December 2024, up 20.1% on the year before. Net income was $10 million, and diluted earnings per share $0.20. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$237 million

+20.1% on the year

FY2017FY2024

Operating margin

1.9%

-3.3% a year earlier

FY2017FY2024

Net income

$10 million

FY2017FY2024

Diluted EPS

$0.20

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	237	198	164	+20.1%
Cost of revenue	65.1	61.9	54.6	+5.1%
Gross profit	172	136	110	+26.9%
Gross margin	72.6%	68.6%	66.8%
Research and development	24.8	21.0	19.9	+17.8%
Selling, general and administrative	143	121	107	+18.0%
Operating income	4.5	-6.5	-17.1
Operating margin	1.9%	-3.3%	-10.4%
Interest expense	0.6	0.6	0.4	+2.3%
Pre-tax income	10.5	-2.4	-16.0
Income tax	0.1	0.8	0.7	-81.8%
Effective tax rate	1.4%	n/a	n/a
Net income	10.4	-3.2	-16.7
Net margin	4.4%	-1.6%	-10.2%
Diluted EPS	$0.20	-$0.07	-$0.35

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	58.2	35.3	17.7	+64.7%
Capital expenditure	64.0	20.0	7.6	+219.7%
Free cash flow	-5.8	15.3	10.1
Free cash flow margin	-2.4%	7.7%	6.1%
Cash from investing	-79.0	-3.1	-36.2
Cash from financing	19.1	3.6	1.0	+426.6%
Depreciation and amortisation	5.5	4.6	4.0	+18.8%
Share-based compensation	36.5	32.3	37.2	+12.9%
Diluted shares, weighted	52m	48m	47m	+8.6%
Shares outstanding at period end	50m	48m	47m	+3.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	292	226	192	+29.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	89.6	81.9	43.3	+9.5%
Finance lease liabilities	0.6	0.0	0.0
Other liabilities	50.6	45.8	37.5	+10.3%
Total liabilities and equity	433	354	273	+22.4%
Intangible assets	6.2	6.9	7.5	-9.1%
Investments	81.6	65.8	88.4	+24.1%
Cash and equivalents	74.5	69.1	51.1	+7.9%
Receivables	61.4	58.4	46.5	+5.2%
Inventory	17.4	13.1	16.0	+32.8%
Other assets	192	140	63.5	+36.4%
Total assets	433	354	273	+22.4%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.